WTSHF - Westshore Update: The Writing Is On The Wall

I first wrote up Westshore Terminals (WTSHF) [Toronto:WTE] as a short in March last year. You can read the article here. The thesis was basically that this formerly-excellent coal-handling business would be structurally impaired once Teck Resources (TECK), a 60% customer, moved the bulk of its volumes to its own terminal, Neptune, from 2021; and that another key customer, Cloud Peak, would file for bankruptcy and be quite unlikely to take up its ~10mtpa commitment because the underlying mines are no longer economically viable.

It was a fairly sleepy first 7-8 months for the

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